U.S. SECURITIES AND EXCHANGE COMMISSION
                             Washington, D.C. 20549


                                   FORM 10-QSB

(Mark One)


[X]  Quarterly  Report under Section 13 or 15(d) of the Securities  Exchange Act
     of 1934

     For the quarterly period ended December 31, 2001


[ ]  Transition Report under Section 13 or 15(d) of the Exchange Act

    For the transition period from ______ to ______

                         Commission File Number: 0-24589

                               BCSB BANKCORP, INC.
--------------------------------------------------------------------------------
        (Exact Name of Small Business Issuer as Specified in its Charter)


          UNITED STATES                                         52-2108333
-----------------------------------------                   --------------------
(State or Other Jurisdiction of                             (I.R.S. Employer
 Incorporation or Organization)                             Identification No.)

            4111 E. JOPPA ROAD, SUITE 300, BALTIMORE, MARYLAND 21236
            --------------------------------------------------------
                    (Address of Principal Executive Offices)

                                 (410) 256-5000
                 -----------------------------------------------
                 Issuer's Telephone Number, Including Area Code)


                                       N/A
              ----------------------------------------------------
              (Former Name, Former Address and Former Fiscal Year,
                          if Changed Since Last Report)

Check  whether the issuer (1) filed all reports  required to be filed by Section
13 or 15(d) of the  Exchange  Act during the past 12 months (or for such shorter
period that the registrant was required to file such reports),  and (2) has been
subject to such filing requirements for the past 90 days. Yes  X    No
                                                             -----    -----

     As of January 31,  2001,  the issuer had  5,867,322  shares of Common Stock
issued and outstanding.

Traditional Small Business Disclosure Format (check one):

Yes               No    X
    ---------        -------


<PAGE>
                                    CONTENTS

                                                                            PAGE
                                                                            ----
PART I.  FINANCIAL INFORMATION
         ---------------------

Item 1.  Financial Statements

         Consolidated Statements of Financial Condition as of
                  December 31, 2001 (unaudited) and September 30, 2001........2

         Consolidated Statements of Operations for the Three Months Ended
                  December 31, 2001  and 2000  (unaudited)....................3

         Consolidated Statements of Cash Flows for the Three  Months Ended
                  December 31, 2001 and 2000 (unaudited)......................4

     Notes to Consolidated Financial Statements...............................7

Item 2.  Management's Discussion and Analysis or Plan of Operation............9


PART II.  OTHER INFORMATION
          -----------------

Item 1.  Legal Proceedings...................................................14

Item 2.  Changes in Securities and Use of Proceeds...........................14

Item 3.  Defaults Upon Senior Securities.....................................14

Item 4.  Submission of Matters to a Vote of Security Holders.................14

Item 5.  Other Information...................................................14

Item 6.  Exhibits and Reports on Form 8-K....................................14


SIGNATURES...................................................................15

                                       1
<PAGE>


                      BCSB BANKCORP, INC. AND SUBSIDIARIES
                      ------------------------------------
                               BALTIMORE, MARYLAND

                 CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION
                 ----------------------------------------------
<TABLE>
<CAPTION>
                                                                             DECEMBER 31,      SEPTEMBER 30,
                                                                                  2001             2001
                                                                            ------------       -------------
                                                                             (Unaudited)
<S>                                                                      <C>                 <C>
                                      Assets
                                      ------
Cash                                                                     $    4,154,535      $    4,055,985
Interest bearing deposits in other banks                                      2,169,339           7,952,621
Federal funds sold                                                              564,130           3,313,392
Investment securities, held to maturity                                      12,495,130          18,494,349
Investment securities, available for sale                                    39,765,942          23,968,640
Loans receivable, net                                                       271,656,146         268,010,050
Loans held for sale                                                           3,359,961                  --
Mortgage backed securities, held to maturity                                 37,206,709          41,655,039
Mortgage backed securities, available for sale                               27,834,430          11,441,785
Foreclosed real estate, net                                                          --              80,569
Premises and equipment, net                                                   6,995,803           6,974,815
Federal Home Loan Bank of Atlanta stock                                       1,834,400           1,834,400
Accrued interest receivable  - loans                                            814,127             930,784
                             - investments                                      415,600             609,585
                             - mortgage backed securities                       373,336             304,094
Prepaid income taxes                                                            431,476             195,544
Other assets                                                                  1,249,083           1,061,672
                                                                         --------------      --------------
Total assets                                                             $  411,320,147      $  390,883,324
                                                                         ==============      ==============
                Liabilities and Stockholders' Equity
                ------------------------------------

Liabilities
-----------
  Deposits                                                               $  346,767,001      $  325,785,538
  Advances from the Federal Home Loan Bank of Atlanta                        17,800,000          17,800,000
  Advance payments by borrowers for taxes and insurance                       1,841,616           1,147,121
  Income taxes payable                                                          131,782               5,901
  Dividends payable                                                             264,046             264,045
  Payables to disbursing agents                                                 292,112             109,259
  Other liabilities                                                           1,944,558           3,041,070
                                                                         --------------      --------------
Total liabilities                                                           369,041,115         348,152,934

Commitments and contingencies

Stockholders' Equity
--------------------
  Common stock (Par value $.01 - 13,500,000 authorized,
    5,867,322 issued and outstanding at December 31, 2001
    and September 30, 2001 respectively)                                         58,673              58,673
  Additional paid-in capital                                                 20,115,276          20,116,467
  Retained earnings (substantially restricted)                               24,415,256          24,556,126
  Accumulated Other Comperhensive Income (net of taxes)                         (16,105)            281,924
  Employee Stock Ownership Plan                                              (1,097,568)         (1,143,300)
  Stock held by Rabbi Trust                                                  (1,196,500)         (1,139,500)
                                                                         --------------      --------------
                                                                             42,279,032          42,730,390
                                                                         --------------      --------------
Total liabilities and retained earnings                                  $  411,320,147      $  390,883,324
                                                                         ==============      ==============
</TABLE>

The accompanying notes to the consolidated financial statements are an integral
part of these statements.


                                       2
<PAGE>
                      BCSB BANKCORP, INC. AND SUBSIDIARIES
                      ------------------------------------
                               BALTIMORE, MARYLAND
                               -------------------

                CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED)
                -------------------------------------------------
<TABLE>
<CAPTION>
                                                                 FOR THREE MONTHS ENDED
                                                                      DECEMBER 31,
                                                              ----------------------------
                                                                2001                2000
                                                              --------            --------
<S>                                                         <C>                <C>
Interest Income
---------------
  Interest and fees on loans                                $   5,104,196      $ 4,616,942
  Interest on mortgage-backed securities                          826,213          334,685
  Interest and dividends on investment securities                 673,072          690,575
  Other interest income                                            59,075          133,967
                                                            -------------      -----------
Total interest income                                           6,662,556        5,776,169

Interest Expense
----------------
  Interest on deposits                                          3,629,674        3,277,149
  Interest on borrowings - short term                             195,423          100,029
  Other interest expense                                            1,000            1,056
                                                            -------------      -----------
Total interest expense                                          3,826,097        3,378,234
                                                            -------------      -----------

  Net interest income                                           2,836,459        2,397,935
  Provision for losses on loans                                    63,862           25,569
                                                            -------------      -----------
  Net interest income after provision
     for losses on loans                                        2,772,597        2,372,366

Other Income
------------
  Gain on sale of loans                                            18,265               --
  Provision for losses on loans held for sale                     (47,821)              --
  Servicing fee income                                              3,759            3,082
  Fees and charges on loans                                        40,364           36,942
  Fees on transaction accounts                                     87,987           70,076
  Rental income                                                    23,730           24,938
  Miscellaneous income                                             20,485           26,663
                                                            -------------      -----------
  Net other income                                                146,759          161,701

Non-Interest Expenses
---------------------
  Salaries and related expense                                  1,376,051        1,379,357
  Occupancy expense                                               297,161          251,633
  Deposit insurance premiums                                       33,533           30,449
  Data processing expense                                         231,072          103,459
  Property and equipment expense                                  224,129          198,891
  Professional fees                                                44,917           49,647
  Advertising                                                     268,017          269,075
  Telephone, postage and office supplies                          102,410           93,083
  Other expenses                                                  141,423           44,391
                                                            -------------      -----------
  Total non-interest expenses                                   2,718,713        2,419,985
                                                            -------------      -----------

Income before tax provision                                       200,643          114,082
Income tax provision                                               77,467           44,790
                                                            -------------      -----------

Net income                                                  $     123,176      $    69,292
                                                            =============      ===========

Basic and diluted earnings per share                        $        0.02      $      0.01
                                                            =============      ===========
</TABLE>

The accompanying notes to the consolidated financial statements are an integral
part of these statements.


                                       3
<PAGE>
                      BCSB BANKCORP, INC. AND SUBSIDIARIES
                      ------------------------------------
                               BALTIMORE, MARYLAND
                               -------------------

                CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)
                -------------------------------------------------
<TABLE>
<CAPTION>
                                                                                 FOR THREE MONTHS ENDED
                                                                                       DECEMBER  31,
                                                                            --------------------------------
                                                                                2001                  2000
                                                                            ------------        -----------
<S>                                                                        <C>                 <C>
Operating Activities
--------------------
   Net Income                                                              $   123,176         $    69,292
  Adjustments to Reconcile Net Income to Net
  Cash Used by Operating Activities
  ------------------------------------------
    Accretion of discount on investments                                        (3,255)               (189)
    Dividends on Investment Securities                                        (176,203)                 --
    Loans originated for sale                                               (4,251,759)                 --
    Loans sold                                                                 862,241                  --
    Gain on sale of loans                                                      (18,264)                 --
    Loan fees and costs deferred, net                                           59,344             (59,355)
    Amortization of deferred loan fees, net                                    (45,048)
    Provision for losses on loans                                               63,862              25,569
    Provision for loss on loans held for sale                                   47,821
    Non-cash compensation under Stock-Based Benefit Plan                        44,542              28,574
    Amortization of premium on mortgage backed securities                        9,979              47,870
    Provision for depreciation                                                 200,169             176,990
    Decrease in accrued interest receivable on loans                           116,657              28,507
    Increase/(decrease) in accrued interest receivable on investments          193,985             (50,840)
    Increase in accrued interest receivable on mortgage
         backed securities                                                     (69,242)                (29)
    Increase  in prepaid income taxes                                         (318,735)             (9,410)
    Increase in deferred income tax assets                                       6,982                  --
    Increase in other assets                                                  (187,409)            (86,326)
    Increase in accrued interest payable on deposits                           (73,396)            (19,808)
    Increase in income taxes payable                                           125,881              53,615
    Decrease in other liabilities and payables to
          disbursing agents                                                   (913,660)           (349,000)
                                                                           ------------        ------------
        Net cash used by operating activities                               (4,202,332)           (144,540)
</TABLE>
                                       4
<PAGE>
                      BCSB BANKCORP, INC. AND SUBSIDIARIES
                      ------------------------------------
                               BALTIMORE, MARYLAND
                               -------------------

               CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)
               ------------------------------------------------
<TABLE>
<CAPTION>
                                                                                 FOR THREE MONTHS ENDED
                                                                                       DECEMBER 31,
                                                                            ------------------------------------
                                                                                2001                    2000
                                                                            ------------            ------------
<S>                                                                        <C>                 <C>
Cash Flows from Investing Activities
------------------------------------
    Proceeds from maturing interest bearing deposits                       $   2,154,000       $   2,471,000
    Purchase of interest bearing deposits                                             --            (792,000)
    Purchases of investment securities - available for sale                  (17,446,000)                 --
    Proceeds from maturities of investment securities - available for sale     1,500,000                  --
    Purchases of investment securities - held to maturity                       (500,000)         (4,700,000)
    Proceeds from maturities of investment securities - held to maturity       6,500,000           2,450,000
    Longer term loans originated                                             (12,755,432)         (5,796,446)
    Principal collected on longer term loans                                  22,305,990           5,437,320
    Net increase in short-term loans                                         (13,012,473)           (590,707)
    Principal collected on mortgage backed securities - available for sale     3,371,613           3,107,366
    Purchase of mortgage backed securities - available for sale              (19,921,432)         (2,495,239)
    Principal collected on mortgage backed securities - held to maturity       4,438,351                  --
    Proceeds from sales of foreclosed realestate                                  80,569              50,000
    Investment in premises and equipment                                        (221,157)           (239,138)
                                                                            ------------         -----------
        Net cash used by investing activities                                (23,505,971)         (1,097,844)

Cash Flows from Financing Activities
------------------------------------
    Net increase in demand deposits, money market, passbook
      accounts and advances by borrowers for taxes and
      insurance                                                                6,378,758             629,990
    Net increase (decrease) in certificates of deposit                        15,370,596          14,754,940
    Increase in Federal Home Loan Bank of Atlanta advances                     3,000,000           3,700,000
    Repayment of Federal Home Loan Bank of Atlanta advances                   (3,000,000)         (8,700,000)
    Acquisition of stock for Rabbi Trust                                         (57,000)            (25,563)
    Increase in Dividends Payable                                                      1                  --
    Dividends paid on stock                                                     (264,046)           (266,514)
                                                                           -------------       -------------
        Net cash provided by financing activities                             21,428,309          10,092,853
                                                                           -------------       -------------

Increase in cash and cash equivalents                                         (6,279,994)          8,850,469
Cash and cash equivalents at beginning of period                              12,968,998           7,961,710
                                                                           -------------       -------------
Cash and cash equivalents at end of period                                 $   6,689,004       $  16,812,179
                                                                           =============       =============
</TABLE>
                                       5
<PAGE>
                      BCSB BANKCORP, INC. AND SUBSIDIARIES
                      ------------------------------------
                               BALTIMORE, MARYLAND
                               -------------------

                CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)
                -------------------------------------------------
<TABLE>
<CAPTION>
                                                                                  FOR THREE MONTH PERIOD
                                                                                      ENDED DECEMBER 31,
                                                                            --------------------------------
                                                                                2001               2000
                                                                            ------------        ------------
<S>                                                                        <C>                 <C>
The following is a summary of cash and cash equivalents:
    Cash                                                                   $   4,154,535       $   6,245,590
    Interest bearing deposits in other banks                                   2,169,339          10,941,870
    Federal funds sold                                                           564,130           2,265,719
                                                                           -------------       -------------
    Balance of cash items reflected on Statement of
      Financial Condition                                                      6,888,004          19,453,179
        Less - certificate of deposit with a maturity of
          more than three months                                                 199,000           2,641,000
                                                                           -------------       -------------

Cash and cash equivalents reflected on the
    Statement of Cash Flows                                                $   6,689,004       $  16,812,179
                                                                           =============       =============

Supplemental Disclosures of Cash Flows Information:
    Cash paid during the period for:
    Interest                                                               $   3,872,672       $   3,387,524
                                                                           =============       =============
    Income taxes                                                           $          --       $         500
                                                                           =============       =============
</TABLE>

The accompanying notes to the consolidated financial statements are an integral
part of these statements.

                                       6
<PAGE>
                      BCSB BANKCORP, INC. AND SUBSIDIARIES
                      ------------------------------------
                               BALTIMORE, MARYLAND

             NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)
             ------------------------------------------------------


Note 1 - Principals of Consolidation
         ---------------------------

          BCSB  Bankcorp,  Inc. (the  "Company")  owns 100% of Baltimore  County
          Savings Bank, F.S.B. and subsidiaries (the "Bank") and also invests in
          federal funds sold,  interest-bearing deposits in other banks and U.S.
          Agency  bonds.   The  Bank  owns  100%  of  Baltimore  County  Service
          Corporation  and Ebenezer  Road,  Inc. The  accompanying  consolidated
          financial  statements  include the accounts and  transactions of these
          companies on a consolidated  basis since the date of acquisition.  All
          intercompany  transactions  have been  eliminated in the  consolidated
          financial  statements.  Ebenezer Road, Inc. sells insurance  products.
          Baltimore  County  Service  Corporation  has invested in several joint
          ventures  formed for the  purpose of  developing  real  estate.  These
          investments  have been accounted for on the equity method and separate
          summary  statements are not presented since the data contained therein
          is not material in relation to the consolidated financial statements.

Note 2 - Basis for Financial Statement Presentation
         ------------------------------------------

          The accompanying  consolidated financial statements have been prepared
          in accordance with  accounting  principles  generally  accepted in the
          United  States  of  America  and  the  instructions  to  Form  10-QSB.
          Accordingly,  they do not include all of the  disclosures  required by
          accounting  principles  generally  accepted  in the  United  States of
          America  for  complete  financial   statements.   In  the  opinion  of
          management,  all  adjustments  (none of which were  other than  normal
          recurring accruals) necessary for a fair presentation of the financial
          position and results of operations for the periods presented have been
          included.  The financial  statements of the Company are presented on a
          consolidated  basis with those of the Bank.  The results for the three
          months ended December 31, 2001 are not  necessarily  indicative of the
          results  of  operations  that  may be  expected  for  the  year  ended
          September 30, 2001. The consolidated  financial  statements  should be
          read in conjunction  with the  consolidated  financial  statements and
          related  notes which are  incorporated  by reference in the  Company's
          Annual Report on Form 10-KSB for the year ended September 30, 2001.

Note 3 - Cash Flow Presentation
         ----------------------

          For  purposes  of  the  statements  of  cash  flows,   cash  and  cash
          equivalents include cash and amounts due from depository institutions,
          investments  in  federal  funds,  and  certificates  of  deposit  with
          original maturities of 90 days or less.

Note 4 - Earnings Per Share
         ------------------

          Basic per share  amounts are based on the weighted  average  shares of
          common  stock  outstanding.  Diluted  earnings  per share  assume  the
          conversion,  exercise  or  issuance  of  all  potential  common  stock
          instruments  such as options,  warrants  and  convertible  securities,
          unless the effect is to reduce a loss or increase  earnings per share.
          No  adjustments  were made to net income  (numerator)  for all periods
          presented.  The basic and diluted weighted average shares  outstanding
          for the three months ended December 31, 2001 and 2000 is as follows:


                                       7
<PAGE>
                      BCSB BANKCORP, INC. AND SUBSIDIARIES
                      ------------------------------------
                               BALTIMORE, MARYLAND


             NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)
             ------------------------------------------------------

Note 4 - Earnings Per Share (Continued)
         ------------------
<TABLE>
<CAPTION>
                                                                FOR THE THREE MONTHS ENDED DECEMBER 31, 2001
                                                              -----------------------------------------------
                                                                INCOME            SHARES         PER SHARE
         BASIC EPS                                            (NUMERATOR)       (DENOMINATOR)      AMOUNT
         ---------                                            -----------       -------------    ----------

         <S>                                                  <C>                <C>             <C>
         Income available to shareholders                     $   123,176        5,562,886       $     0.02

         Effect of dilutive shares                                     --          136,585              ---
                                                              -----------       ----------       ----------
         Diluted EPS
         -----------

         Income available to common stockholders
             plus assumed conversions                         $   123,176        5,699,471       $     0.02
                                                              ===========       ==========       ==========
<CAPTION>
                                                               For the Three Months Ended December 31, 2000
                                                              ---------------------------------------------
                                                                Income               Shares      Per Share
         Basic EPS                                            (Numerator)       (Denominator)     Amount
         ---------                                            -----------       -------------    ----------
         <S>                                                  <C>                <C>             <C>
         Income available to shareholders                     $    69,292        5,566,310       $    0.01



         Effect of dilutive shares                                     --          109,600             ---
                                                              -----------       ----------       ---------
         Diluted EPS
         -----------

         Income available to common stockholders
             plus assumed conversions                         $    69,292        5,675,910       $    0.01
                                                              ===========       ==========       =========
</TABLE>

Note 5 - Regulatory Capital
         ------------------

     The following table sets forth the Bank's capital  position at December 31,
2001.
<TABLE>
<CAPTION>
                                                                                              To Be Well
                                                                                           Capitalized Under
                                                                 For Capital                Prompt Corrective
                                            Actual              Adequacy Purposes            Action Provision
                                    -----------------------   ----------------------    -----------------------
                                    Actual           % of     Required        % of      Required         % of
                                    Amount           Assets   Amount          Assets     Amount          Assets
                                    ------           ------   ------          ------    -------          ------
                                                                          (unaudited)
<S>                              <C>                   <C>    <C>               <C>     <C>               <C>
Tangible (1)                     $ 32,324,060          8.01%  $ 6,055,563       1.50%     N/A             N/A
Tier 1 capital (2)                 32,324,060         13.91          N/A        N/A     13,945,178        6.00%
Core (1)                           32,324,060          8.01    16,148,168       4.00    20,185,210        5.00
Risk-weighted (2)                  33,915,687         14.59    18,593,570       8.00    23,241,963       10.00
<FN>
------------
(1)      To adjusted total assets.
(2)      To risk-weighted assets.
</FN>
</TABLE>


                                       8
<PAGE>

ITEM 2.  MANAGEMENT'S DISCUSSION AND ANALYSIS OR PLAN OF OPERATION

GENERAL

     The  Company  was formed by the Bank to become the  holding  company of the
Bank following the Bank's  reorganization  to the mutual holding company form of
organization (the "Reorganization").  The Reorganization was consummated on July
8, 1998.

     The Company's net income is dependent primarily on its net interest income,
which is the difference  between interest income earned on its loan,  investment
securities  and  mortgage-backed  securities  portfolio  and  interest  paid  on
interest-bearing  liabilities.  Net  interest  income is  determined  by (i) the
difference  between yields earned on  interest-earning  assets and rates paid on
interest-bearing  liabilities  ("interest  rate  spread")  and (ii) the relative
amounts  of  interest-earning  assets  and  interest-bearing   liabilities.  The
Company's  interest  rate  spread  is  affected  by  regulatory,   economic  and
competitive  factors  that  influence  interest  rates,  loan demand and deposit
flows.  To a lesser  extent,  the  Company's  net income also is affected by the
level of other income,  which primarily consists of fees and charges, and levels
of non-interest expenses such as salaries and related expenses.

     The  operations  of the Company are  significantly  affected by  prevailing
economic  conditions,  competition  and  the  monetary,  fiscal  and  regulatory
policies of  governmental  agencies.  Lending  activities  are influenced by the
demand  for and  supply of  housing,  competition  among  lenders,  the level of
interest rates and the  availability of funds.  Deposit flows and costs of funds
are  influenced by prevailing  market rates of interest,  primarily on competing
investments, account maturities and the levels of personal income and savings in
the Company's market area.

FORWARD-LOOKING STATEMENTS

     When used in this Form 10-QSB,  the words or phrases "will likely  result,"
"are expected to," "will continue," "is anticipated,"  "estimate,"  "project" or
similar expressions are intended to identify "forward-looking statements" within
the  meaning of the  Private  Securities  Litigation  Reform  Act of 1995.  Such
statements are subject to certain risks and  uncertainties  including changes in
economic  conditions  in the  Company's  market  area,  changes in  policies  by
regulatory  agencies,  fluctuations in interest  rates,  demand for loans in the
Company's market area, and competition that could cause actual results to differ
materially  from  historical   earnings  and  those  presently   anticipated  or
projected.  The Company wishes to caution readers not to place undue reliance on
any such forward-looking  statements,  which speak only as of the date made. The
Company  wishes to advise readers that the factors listed above could affect the
Company's financial performance and could cause the Company's actual results for
future periods to differ  materially  from any opinions or statements  expressed
with respect to future periods in any current statements.

     The Company does not undertake,  and specifically disclaims any obligation,
to  publicly  release  the  result  of any  revisions  which  may be made to any
forward-looking  statements to reflect events or circumstances after the date of
such  statements or to reflect the occurrence of  anticipated  or  unanticipated
events.


COMPARISON OF FINANCIAL CONDITION AT DECEMBER 31, 2001 AND SEPTEMBER 30, 2001

     During the three months  ended  December 31,  2001,  the  Company's  assets
increased by $20.4 million,  or 5.2%,  from $390.9 million at September 30, 2001
to $411.3 million at December 31, 2001. Loans receivable,  net increased by $3.7
million, or 1.4%, from $268.0 million at September 30, 2001 to $271.7 million at
December 31, 2001. The Company's  mortgage-backed  securities available for sale
increased by $16.4 million,  or 143.3%, from $11.4 million at September 30, 2001
to $27.8 million at December 31, 2001. The Company's mortgage-backed  securities
held to  maturity  decreased  by $4.4  million or 10.7%  from  $41.6  million at
September  30,  2001 to $37.2  million  at  December  31,  2001.  The  Company's
investment  portfolio  available for sale increased $15.8 million or 65.9%, from
$24.0 million at September  30, 2001 to $39.8 million at December 31, 2001.  The
Company's  investment  portfolio  held to maturity  decreased  $6.0 million from
$18.5 million at September  30, 2001 to $12.5 million at December 31, 2001.  The
Company's deposits  increased by $21.0 million,  or 6.5%, from $325.8 million at
September  30, 2001 to $346.8  million at December  31,  2001.  The  increase in
deposits was achieved through  increased  advertising and promotion  activities.


                                       9
<PAGE>

The growth in deposits helped to fund loan growth and security  purchases.  This
strategy was used in an effort to diversify the balance sheet.

COMPARISON OF OPERATING RESULTS FOR THE THREE MONTHS ENDED DECEMBER 31, 2001 AND
2000

     Net Income. Net income increased by $54,000, or 77.8%, from $69,000 for the
three  months  ended  December  31,2000 to $123,000  for the three  months ended
December 31,  2001.  The increase in net income was  primarily  attributable  to
increased  interest income due to an increase in the average balance of loans of
$29.5  million,  from $242.0  million at December 31, 2000 to $271.5  million at
December 31, 2001.

     Net Interest  Income.  Net  interest  income was $2.8 million for the three
months ended  December  31, 2001,  compared to $2.4 million for the three months
ended December 31, 2000,  representing  an increase of $438,000,  or 18.3%.  The
increase was  primarily  due to the  increase in the volume of  interest-earning
assets.

     Interest Income.  Interest income increased by $887,000, or 15.4% from $5.8
million for the three  months  ended  December  31, 2000 to $6.7 million for the
three months ended  December 31, 2001.  Interest and fees on loans  increased by
$487,000,  or 10.5%,  from $4.6 million for the three months ended  December 31,
2000 to $5.1  million for the three months  ended  December  31, 2001.  This was
primarily  due to a $29.5  million  increase  in the  average  balance  of loans
receivable  which more than offset a decrease in the average yield on loans of 9
basis  points from 7.63% at December  31,  2000 to 7.52% at December  31,  2001.
Interest  on  mortgage-backed  securities  increased  by $491,000 or 146.6% from
$335,000 for the three months ended  December 31, 2000 to $826,000 for the three
months end December 31, 2001. This increase was primarily due to the increase in
the average balance of mortgage-backed securities from $19.0 million at December
31, 2000 to $61.7  million at December  31,  2001.  Interest  and  dividends  on
investment  securities  decreased by $18,000 or 2.6% from $691,000 for the three
months ended  December 31, 2000 to $673,000 for the three months ended  December
31, 2001.

     Interest Expense. Interest expense, which consists of interest on deposits,
interest  on  borrowed  money and other  interest  expense  increased  from $3.4
million for the three  months  ended  December  31, 2000 to $3.8 million for the
three months ended December 31, 2001 a change of $448,000 or 13.3%.  Interest on
deposits increased $353,000 due to an increase in the average volume of deposits
by $65.7 million from $275.5  million at December 31, 2000 to $341.2  million at
December 31, 2001.  The average  yield on deposits  decreased by 51 basis points
from 4.76% at  December  31,  2000 to 4.25% at December  31,  2001.  Interest on
short-term  borrowings  increased by $95,000 for the three months ended December
31, 2001. This increase was primarily due to an increase of $13.2 million in the
average  balances of advances form the Federal Home Loan Bank of Atlanta  during
the quarter ended December 31, 2001.


                                       10
<PAGE>
     Average Balance Sheet. The following tables sets forth certain  information
relating to the Company's  average  balance sheet and reflects the average yield
on assets and cost of  liabilities  for the  periods  indicated  and the average
yields  earned  and rates  paid.  Such yield and costs are  derived by  dividing
income or expense by the average balance of assets or liabilities, respectively,
for the  periods  presented.  Average  balances  are  computed  using  month-end
balances, except for Other Investments which were computed using daily balances.
<TABLE>
<CAPTION>
                                                                THREE MONTHS ENDED   DECEMBER   31
                                               ---------------------------------------------------------------------------
                                                             2001                                     2000
                                               ---------------------------------       -----------------------------------
                                               AVERAGE                   AVERAGE       AVERAGE                     AVERAGE
                                               BALANCE      INTEREST      RATE         BALANCE       INTEREST       RATE
                                               -------      --------     ------        -------       --------      ------
                                                                           (DOLLARS IN THOUSANDS)
<S>                                            <C>          <C>              <C>       <C>           <C>              <C>
Interest-earning assets:
   Loans....................................   $ 271,499    $   5,104        7.52%     $  241,976    $  4,617         7.63%
   Mortgage-backed securities...............      61,694          826        5.36          19,004         335         7.05
   Dividends and investment securities......      44,298          673        6.08          43,976         690         6.28
   Other Investments........................       8,183           59        2.88           8,455         134         6.34
                                               ---------    ---------                  ----------    --------
       Total interest-earning assets........     385,674        6,662        6.91         313,411       5,776         7.37
Noninterest-earning assets..................      19,087                                   14,231
                                               ---------                               ----------
       Total assets.........................   $ 404,761                               $  327,642
                                               =========                               ==========

Interest-bearing liabilities:
   Deposits.................................   $ 341,283        3,630        4.25         275,537       3,277         4.76
   Borrowings-short term....................      18,300          195        4.26           5,100         100         7.84
   Other liabilities........................       1,708            1        0.23           1,412           1         0.28
                                               ---------    ---------                  ----------    --------
Total interest-bearing liabilities..........     361,291        3,826        4.24         282,049       3,378         4.79
                                                            ---------      ------                    --------       ------
Noninterest-bearing liabilities.............         814                                    2,300
                                               ---------                               ----------
       Total liabilities....................     362,105                                  284,349
Stockholders' equity .......................      42,656                                   43,293
                                               ---------                               ----------
       Total liabilities and stockholders'
            equity..........................   $ 404,761                               $  327,642
                                               =========                               ==========

Net interest income.........................                $   2,836                                $  2,398
                                                            =========                                ========
Interest rate spread........................                                 2.67%                                    2.58%
                                                                           ======                                   ======
Net interest margin.........................                                 2.94%                                    3.06%
                                                                           ======                                   ======
Ratio average interest earning assets/
    interest bearing liabilities............                               106.75%                                  111.12%
                                                                           ======                                   ======
</TABLE>

                                       11
<PAGE>
     Provision for Loan Losses.  The Company charges  provisions for loan losses
to  earnings  to  maintain  the  total  allowance  for  loan  losses  at a level
management  considers  adequate to provide for probable  future loan losses.  In
determining the provision,  management considers prior loss experience,  current
economic  conditions and the probability of these  conditions  affecting  future
loan  performance.  The Company  established  provisions  for losses on loans of
$64,000 for the three months ended December 31, 2001, as compared to $26,000 for
the three months ended December 31, 2000,  representing  an increase of $38,000.
Loan  chargeoffs  for the three months ended  December 31, 2001 were $107,000 as
compared  to  $66,000  for the  three  months  ended  December  31,  2000.  Loan
recoveries were $72,000 for the three months ended December 31, 2001 compared to
$57,000 for the three months ended December 31, 2000.  Non  performing  loans at
December  31, 2001 were  $693,000 as compared to $389,000 at December  31, 2000.
The total  loss  allowance  allocated  to  domestic  loans is $1.6  million.  In
establishing  such  provisions,  management  considered  an analysis of the risk
inherent in the loan portfolio.

     Other Income.  Other income decreased by $15,000, or 9.3% from $162,000 for
the three months ended  December 31, 2000 to $147,000 for the three months ended
December  31,  2001.  The  decrease in other  income for the three  months ended
December  31 2001  was  attributable  primarily  to a  $48,000  increase  in the
provision  for loss on loans  held for  sale.  This was  partially  offset by an
increase  of $18,000 in gain on sale of loans and an increase of $18,000 in fees
on transaction accounts.

     Non-interest  Expenses.  Total non-interest expenses increased by $299,000,
or 12.3%, from $2.4 million for the three months ended December 31, 2000 to $2.7
million  for  the  three  months  ended  December  31,  2001.  The  increase  in
non-interest  expenses  was  primarily  due to an  increase  in data  processing
expenses.  Data processing expense increased $128,000 or 124.3% from $103,000 at
December 31, 2000 to $231,000 at December 31, 2001.  This increase was primarily
due  to an  increased  number  of  transaction  accounts  and a  rate  increase.
Occupancy  expense  increased by $45,000 or 18.0% from  $252,000 at December 31,
2000 to $297,000 at December 31, 2001.  This  increase was due to the  increased
cost of the additional  branch offices.  Salaries and related expenses  remained
unchanged  due to the  credit  to  compensation  expense  for the  market  value
adjustment  for the  Rabbi-Trust  which was  $125,000 for the three months ended
December  31, 2001 as compared to a debit of $35,000 for the three  months ended
December 31, 2000.  The Company has submitted a proposal to be voted at the next
meeting of stockholders to amend the Deferred  Compensation Plan. If approved by
the  stockholders  and OTS  regulators  there would be no future need for market
value adjustments to the Rabbi-Trust.

     Income Taxes.  The Company's income tax expense was $77,000 and $45,000 for
the three months ended December 31, 2001 and 2000,  respectively.  The Company's
effective tax rates were 38.6% and 39.3% for the three months ended December 31,
2001 and 2000, respectively.

LIQUIDITY AND CAPITAL RESOURCES

     At December 31, 2001,  the Bank  exceeded all  regulatory  minimum  capital
requirements. For information comparing the Bank's tangible, core and risk-based
capital  levels  to  the  regulatory  requirements,  see  Note  5  of  Notes  to
Consolidated Financial Statements.

     The  Company's  primary  sources of funds are deposits  and  proceeds  from
maturing investment securities and mortgage-backed  securities and principal and
interest  payments on loans.  While  maturities  and scheduled  amortization  of
mortgage-backed  securities and loans are a predictable source of funds, deposit
flows and mortgage prepayments are greatly influenced by general interest rates,
economic conditions, competition and other factors.

     The primary  investing  activities  of the Company are the  origination  of
loans and the purchase of investment securities and mortgage-backed  securities.
During the three months ended  December 31, 2001 and 2000, the Company had $12.8
million and $5.8 million,  respectively, of loan originations.  During the three
months  ended  December  31,  2001 and 2000,  the Company  purchased  investment
securities in the amounts of $17.9 million and $4.7 million,  respectively,  and
mortgage-backed  securities  in the amounts of $19.9  million and $2.5  million,
respectively.  The  purchase of  interest-bearing  deposits was $792,000 for the
three months  ended  December 31,  2000.  There were no such

                                       12
<PAGE>

purchases  for the quarter  ended  December  31,  2001.  The  primary  financing
activity of the Company is the attraction of savings deposits.

     The Company has other  sources of  liquidity  if there is a need for funds.
The Bank has the  ability  to  obtain  advances  from  the FHLB of  Atlanta.  In
addition, the Company maintains a portion of its investments in interest-bearing
deposits at other financial institutions that will be available, if needed.

     The Bank is required to maintain minimum levels of liquid assets as defined
by OTS regulations.  This requirement,  which may be changed at the direction of
the OTS depending upon economic  conditions  and deposit flows,  is based upon a
percentage  of deposits and  short-term  borrowings.  The Bank's  average  daily
liquidity  ratio  for the  month of  December  was  approximately  31.4%,  which
exceeded the  required  level for such  period.  Management  seeks to maintain a
relatively  high level of liquidity in order to retain  flexibility  in terms of
investment  opportunities  and deposit pricing.  Because liquid assets generally
provide for lower rates of return, the Bank's relatively high liquidity will, to
a certain extent, result in lower rates of return on assets.

     The  Company's  most liquid assets are cash,  interest-bearing  deposits in
other  banks and  federal  funds  sold,  which  are  short-term,  highly  liquid
investments with original  maturities of less than three months that are readily
convertible  to known amounts of cash.  The levels of these assets are dependent
on the Company's operating,  financing and investing activities during any given
period. At December 31, 2001, cash, interest-bearing deposits in other banks and
federal funds sold were $4.1 million, $2.1 million and $564,000, respectively.

     The Company  anticipates  that it will have  sufficient  funds available to
meet its current  commitments.  Certificates  of deposit  which are scheduled to
mature in less than one year at December 31, 2001 totaled $156.2 million.  Based
on past  experience,  management  believes  that a  significant  portion of such
deposits will remain with the Bank. The Bank is a party to financial instruments
with  off-balance-sheet  risk made in the normal  course of business to meet the
financing  needs of its  customers.  These  financial  instruments  are  standby
letters of credit,  lines of credit and  commitments  to fund mortgage loans and
involve  to  varying  degrees  elements  of credit  risk in excess of the amount
recognized in the statement of financial position. The contract amounts of those
instruments  express the extent of involvement  the Company has in this class of
financial  instruments and represents the Company's exposure to credit loss from
nonperformance by the other party.

     The Company  generally  requires  collateral  or other  security to support
financial instruments with off-balance-sheet  credit risk. At December 31, 2001,
the Company had commitments  under standby letters of credit and lines of credit
and commitments to originate mortgage loans of $435,000,  $12.9 million and $9.4
million respectively.


                                       13
<PAGE>

PART II.  OTHER INFORMATION

         ITEM 1.  LEGAL PROCEEDINGS

         None.

         ITEM 2.  CHANGES IN SECURITIES AND USE OF PROCEEDS

         None.

         ITEM 3.  DEFAULTS UPON SENIOR SECURITIES

         None.

         ITEM 4.  SUBMISSION OF MATTERS TO A VOTE OF SECURITY-HOLDERS

         None.

         ITEM 5.  OTHER INFORMATION

         None.

         ITEM 6.  EXHIBITS AND REPORTS ON FORM 8-K

         (a)      List of Exhibits

                  None

         (b)      Form 8-K

                  No Reports on Form 8-K were filed during the quarter ended
                  December 31, 2001.


                                       14
<PAGE>

                                   SIGNATURES



         In accordance with the requirements of the Exchange Act, the registrant
caused this report to be signed on its behalf by the undersigned, thereunto duly
authorized.

                                    BCSB BANKCORP, INC.



Date: February 13, 2002             /s/ Gary C. Loraditch
                                    ------------------------------------------
                                    Gary C. Loraditch
                                    President
                                    (Principal Executive Officer)



Date: February 13, 2002             /s/ Bonnie M. Klein
                                    ------------------------------------------
                                    Bonnie M. Klein
                                    Vice President and Treasurer
                                    (Principal Financial and Accounting Officer)


                                       15